Trade ministers of India and the United Kingdom on Monday said their shared ambition is to double the bilateral trade by 2030 as both are committed to utilise mutually beneficial opportunities created under the free trade agreement that entered into force on July 15.
Jointly addressing corporate honchos at the business plenary of the Joint Economic and Trade Committee (JETCO) with British secretary of state for business and trade Jonathan Reynolds, commerce and industry minister Piyush Goyal said, “2030 should not just reflect the end of this decade, it should be the beginning of much greater ambition.”
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While ministers did not give any particular number, government data available in the public domain suggests that the ambition is to double overall bilateral trade (both goods and services combined) from the current level of around $60 billion to $120 billion by 2030.
According to the commerce ministry’s data released on July 15 this year, overall bilateral trade between India and the UK was around $60.56 billion, which included $25.12 billion two-way goods trade in 2025-26 and $35.44 billion bilateral services trade in 2024. In a statement, the UK government said: “In the 12 months to March 2026, total UK-India trade was worth £48 billion - an increase of £3 billion year-on-year in current prices.”
{{/usCountry}}According to the commerce ministry’s data released on July 15 this year, overall bilateral trade between India and the UK was around $60.56 billion, which included $25.12 billion two-way goods trade in 2025-26 and $35.44 billion bilateral services trade in 2024. In a statement, the UK government said: “In the 12 months to March 2026, total UK-India trade was worth £48 billion - an increase of £3 billion year-on-year in current prices.”
{{/usCountry}}After 14 rounds of negotiations since May 2021, the two countries formally signed the FTA, known as the India-UK Comprehensive Economic and Trade Agreement (CETA), on July 24, 2025. A separate Double Contribution Convention (DCC) was signed on February 10, 2026, which is also known as the agreement on social security.
Both Goyal and Reynolds co-chaired the 16th meeting of the India-UK JETCO in New Delhi to advance their shared trade and economic priorities.
Goyal said they emphasised the importance of effectively using the India-UK Comprehensive Economic and Trade Agreement (CETA) while addressing trade barriers and strengthening business-to-business engagement to translate the agreement’s opportunities into tangible outcomes.
We reaffirmed our commitment to deepening India-UK economic cooperation through sustained engagement, stronger institutional mechanisms, and enhanced collaboration, unlocking new opportunities for businesses in both countries, he added.
Goyal and minister of state for commerce Jitin Prasada also met a business delegation of visiting UK mayors at Bharat Mandapam. They held discussions on deepening regional partnerships in trade, investment, and innovation. The delegation will also be travelling to other cities across the country where they will hold discussions with various Indian businesses, the minister said.
The JETCO assumed greater significance as it coincided with the visit of seven mayors and a combined authority leader from the North of England. It supported a broader programme of engagement involving government, business, universities, innovators and regional leaders from both countries, including parallel visits by the UK’s Secretaries of State for Scotland and for Environment, Food and Rural Affairs, the two countries said in a joint statement.
The 17th JETCO will take place in the UK in 2027.